46% of Gen Z respondents and 45% of Millennials expressed support for including cryptocurrencies in their 401(k) retirement plans, according to a survey by the Charles Schwab brokerage.
Meanwhile, members of these generations have already invested in digital assets outside 401(k) plans. Among Gen Z and Millennials, 43% and 47% of respondents own cryptocurrencies, respectively.
Charles Schwab noted that investors in these age groups generally consider a broader array of assets for their retirement savings than older generations.
Millennials are traditionally defined as those born from the early 1980s to the mid-1990s, and Gen Z as those born from the late 1990s to the early 2010s.
The firm surveyed 1,000 401(k) plan participants aged 20 to 70 who work for companies with at least 25 employees.
In April, Fidelity Investments announced the possibility of accumulating bitcoins in 401(k) accounts. The company will cap the cryptocurrency share at 20% of the portfolio.
Fidelity’s plans drew “serious concerns” from the U.S. Department of Labor over Bitcoin’s volatility. Such initiatives were criticized by Treasury Secretary Janet Yellen.
In July, a group of senators demanded that Fidelity CEO Abigail Johnson explain the decision to include cryptocurrency as an option for 401(k) accounts.
In August, The Wall Street Journal reported that pension funds continue to show interest in digital assets.
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